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Office Building Sells for Record-Breaking $21.5M on Staten Island

By Nicholas Rizzi | May 26, 2015 3:12pm | Updated on May 26, 2015 6:15pm
 The office building One Edgewater Plaza recently sold for $21.5 million, one of the largest sales on the North Shore of Staten Island.
The office building One Edgewater Plaza recently sold for $21.5 million, one of the largest sales on the North Shore of Staten Island.
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DNAinfo/Nicholas Rizzi

CLIFTON — An office building on Staten Island's waterfront sold for $21.5 million — making it one of the most expensive sales ever seen in the borough.

One Edgewater Plaza — which currently houses an NYPD precinct, the Board of Elections and Community Board 1 — was sold to Steven Wu, the developer of several projects across the city including Queens Pointe.

Wu said he plans to keep it as an office building.

"With the first phase of Navy Pier nearly complete only steps away from our property and the ground breaking for Empire Outlets just last month, we feel secure that our investment in the borough is sound," Wu said in a statement.

The sale was first reported by the Commerical Observer.

Casandra Properties, which brokered the sale, said it was one of the largest in the North Shore of Staten Island and points to the increase in activity on the borough's waterfront.

"My clients purchased this property because they understand that Staten Island’s North Shore is the next emerging market in New York City," said Brian McGowan, selling agent for Casandra.

"With so many positive changes on the horizon, this purchase demonstrates that investors from around the world are taking notice and are eager to take part in the renaissance."

The 268,000-square-foot building is located adjacent to the large URL development currently under construction by Ironstate Development at the former Navy Homeport site.